October 29, Colombo (LNW): The Central Bank of Sri Lanka (CBSL) has issued a public warning after identifying a range of companies, digital applications and associated entities as prohibited schemes under Section 83(C) of the Banking Act No. 30 of 1988, as amended.
The declaration follows investigations into activities linked to Max App Media Ltd. and its affiliated businesses, Max LK (Pvt) Ltd. and Max Media Lanka (Pvt) Ltd. According to the Central Bank, the investigations established that these entities had engaged in, operated and promoted a prohibited scheme.
The CBSL has also named numerous other businesses, online platforms and mobile applications that fall within the same legal provision. The list covers a variety of entities, including companies operating under different names, digital applications and websites associated with their activities.
The entities identified by the Central Bank are:
- Tiens Lanka Health Care (Pvt) Ltd.
- Best Life International (Pvt) Ltd.
- Mark-Wo International (Pvt) Ltd.
- VML International (Pvt) Ltd.
- Global Lifestyle Lanka (Pvt) Ltd.
- Fast3Cycle International (Pvt) Ltd.
- Sport Chain app and Sport Chain ZS Society Sri Lanka.
- OnmaxDT.
- MTFE App, MTFE SL Group, MTFE Success Lanka and MTFE DSCC Group.
- Fastwin (Pvt) Ltd.
- Fruugo Oline App and Fruugo Oline (Pvt) Ltd.
- Ride to Three Freedom (Pvt) Ltd.
- Qnet/Questnet.
- Era Miracle (Pvt) Ltd. and Genesis Business School.
- Ledger Block.
- Isimaga International (Pvt) Ltd.
- Beecoin App and Sunbird Foundation.
- Windex Trading.
- The Enrich Life (Pvt) Ltd.
- Smart Win Entrepreneur (Pvt) Ltd.
- Net Fore International (Pvt) Ltd./Netrrix.
- Pro Care (Pvt) Ltd. and Shade of Procare (Pvt) Ltd.
- SGO/sgomine.com.
- I.C.A.N. Advertising (Pvt) Ltd. and its associated websites icanonlineadvertising.com, bannercuts.com, bannercuts.lk, bannercusts.net and bannercuts.org.
- Infinity Rover (Pvt) Ltd.
- TM App.
- Max App Media Ltd., Max LK (Pvt) Ltd. and Max Media Lanka (Pvt) Ltd.
The action has been taken under Section 83(C) of the Banking Act, which establishes the legal basis for measures against prohibited schemes. The provision enables the authorities to address activities identified as falling within the scope of such schemes.
In its announcement, the Central Bank stressed the importance of public awareness, urging people to remain vigilant when approached by, or considering transactions involving, the named companies, applications and other entities.
Members of the public are advised to take the CBSL’s declaration into account when making financial decisions involving any of the listed entities.
